On hyperinflations

August 24, 2009

Hyperinflations through history

Here’s a chart by Steve H. Hanke and Alex K. F. Kwok comparing the Zimbabwean hyperinflation with other periods  of [hyper]accelerated growth of price levels in the 20th century.

The current Zimbabwean hyperinflation is second only to the Hungarian episode after WWII. Then, prices doubled each 15 hours.

Found via Alejandro Villagomez‘s blog.


O’Rourke K. and Williamson J. (2006) Did Vasco da Gama matter for European markets?

August 10, 2008

O’Rourke Kevin H. and Williamson Jeffrey G. (2006) “Did Vasco da Gama matter for European markets? Testing Frederick Lanes hypotheses fifty years later”, IIIS Discussion Paper, 118, 53p.

This paper is available on line.

Summary: In this article, the authors argue against F. C. Lanes’ traditional thesis which considered that the Portuguese discoveries had little long-lasting effect on the European spices markets. They show that the Portuguese route did decrease the spices prices in 16th-century Europe. Moreover they contributed to the creation of an integrated European market for luxury goods that did not exist before 1500. They conclude by saying that the European consumers were ultimately the main beneficiaries ofda Gama’s voyage. Read the rest of this entry »